Nigeria’s External Reserves Reaches $34.11 Billion, Highest Point in Eight Months

The country’s external reserves have jumped up by $993 million, reaching the highest point in 8 months at $34.11 billion.

The most recent data from the Central Bank of Nigeria (CBN) shows a significant increase in external reserves, rising by $993 million in just one month and reaching the highest level in eight months.

On March 7, 2024, the external reserves totaled $34,110,027,381, which is higher than the previous month’s amount of $33,116,051,881 reported on February 8, 2024.

The data shows that the reserves have been staying pretty consistent at around $32 to $33 billion for the past eight months. The latest record on March 7 is the highest it’s been since June 30, 2023, when the reserves hit $34,119,447,986.

Last week, the Central Bank of Nigeria (CBN) announced a significant rise in foreign remittances, totaling $1.3 billion in February. This amount marks a substantial increase compared to the $300 million recorded in the previous month.

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